MOFCOM blasts Biden admin's last-minute trade restrictions

China's Ministry of Commerce (MOFCOM) issued a strongly-worded statement on Wednesday, blasting a series of last-minute trade restrictions issued by U.S. President Joe Biden's administration targeting China, saying that the U.S.' suppression will only bolster China's confidence and capabilities for self-reliance and technological innovation. 

For a period of time, the Biden administration has used its remaining term to intensively roll out trade restrictions against China, and under the guise of so-called "national security," continuously escalated controls on semiconductor exports, restricted the use of Chinese connected vehicle software, hardware and whole vehicles in the U.S., and initiated a security review of drone systems from China and other countries, a spokesperson for the MOFCOM said in the statement. 

Additionally, it has sanctioned numerous Chinese companies and added several Chinese entities to its "notorious markets list," the spokesperson noted, adding that China expresses strong dissatisfaction and firm opposition to this. 

The spokesperson harshly criticized the U.S.' actions, stating that they severely infringe upon the legitimate rights and interests of Chinese firms, disrupt market rules, and undermine the international trade order. They also pose a significant threat to the stability of global supply chains, adversely affecting businesses worldwide, including those in the U.S., the spokesperson said, noting that major U.S. companies and industry associations have openly opposed some of these measures, while some countries and regions have also expressed disagreement.

"The Biden administration's actions are typical examples of economic coercion and bullying," the spokesperson said, adding that such measures are neither rational nor responsible. "They not only undermine China-U.S. economic and trade relations but could also severely impact global economic stability and development."

The spokesperson further pointed out that the Biden administration speaks one way but acts another, and attempts to hinder China's progress through sanctions, containment, or suppression will only bolster China's confidence and capabilities for self-reliance and technological innovation. "China will take measures to firmly safeguard its sovereignty, security, and development interests," the spokesperson said.